’I’m excited by what we can achieve,’ says Insurtech 50 firm chief executive
Tractable has raised $65m (£49.7m) in a Series E funding round, a statement released yesterday (18 July 2023) said.
The Insurtech 50 firm will use the funds to accelerate its research and development capabilities, including creating new features to improve the end-user experience.
The insurtech said the funding round, which was led by Softbank Vision Fund 2, represented a “milestone” in its growth journey.
Alex Dalyac, chief executive and founder of Tractable, said: “Tractable’s AI has helped millions recover faster from accidents and natural disasters.
“In Softbank we have a partner who understands the full application set of our technology at a granular level, combined deep networks within the insurtech, automotive and property sectors.
“I’m excited by what we can achieve in redefining trust and transparency to support people in managing the life cycles of their cars and homes.”
’Huge potential’
Tractable uses artificial intelligence (AI) to automate the insurance claims, damage assessment and settlement process.
This allows for real-time assessment and repair estimates based on images that can be captured via a smartphone.
Since its Series D funding round in July 2021, Tractable has continued to grow its product offerings and had worked with a variety of property and casualty insurers, including American Family Insurance and Aviva.
The insurtech unicorn has also recently made a series of hires – this includes snapping up Adobe’s former head of platform Venkat Sathyamurthy as chief product officer and Andrew Shimek as president.
Read: Tractable and Verisk partner to reduce property damage claim settlement times
Read: Aviva inks deal with Tractable to ‘overhaul’ UK motor claims accuracy
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Following its most recent funding round, Nahoko Hoshino, investment director for Softbank investment advisers, will join the Tractable board.
He said: “As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases.
“Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption.”
- Insurance Times has converted dollar amounts into pounds using an exchange rate of $1.27 = £1, which was correct as of 1 July 2023.
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